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Johnson Matthey affirms FY outlook

By BFN News | 07:38 AM | Tuesday 21 November, 2017

Johnson Matthey has affirmed its full year outlook after strong operational momentum continued in the six months to the end of September. Reported revenue rose by 15% to £6,478m driven by higher pgm prices and a £179m translational FX benefit. Reported operating profit fell by 2% to £221.9m, with £18m translational FX benefit offset by one-off charges related to the group's restructuring programme. Reported EPS was down 5% to 87.9p. On an underlying basis, operating profits of £250.3m were up 6% (1% at constant currencies). The board declared an interim dividend 21.75p per share - up 6% - reflecting confidence in medium term outlook. Chief executive Robert MacLeod said: 'We had a strong start to the year with sales growth of 5% and guidance for the full year is unchanged. We made further investments in line with the strategy we outlined at our recent capital markets day which continues to strengthen our business. 'We will grow our Clean Air business over the next ten years with growth in Europe, through share gains supported by our technology leadership, and by meeting the challenges of tighter legislation across the world, particularly in China and Europe. 'Our growing pipeline in Health will deliver significant growth over the medium term. We will deliver outperformance through targeted investment in Efficient Natural Resources and build our New Markets business primarily through our presence in battery materials. 'We are building a stronger platform from which we will achieve our goal of attractive returns to shareholders over the medium term: mid to high single digit EPS growth, expanding ROIC to 20% and a progressive dividend.' Story provided by

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